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Friday, November 20, 2009
Paddy growers to get full payment
LAHORE: Pakistan Agriculture Storage and Supplies Corporation (PASSCO) has decided to make full payment to growers on purchase of paddy up to 500 maunds within a few days. The procedure announced for making payments in two instalments would be followed in the case of growers who will supply more than 500 maunds of paddy, which was decided at a meeting held at PASSCO head office on Thursday.
Forex reserves dip
By our correspondent
KARACHI: Pakistan’s foreign currency reserves were slightly down to $14.123 billion in the week ended on November 14, 2009 from $14.27bn in the previous week that closed on Nov 7, the State Bank of Pakistan (SBP) said on Thursday. Foreign reserves with the SBP were lower at $10.494bn from previous week’s $10.70bn while those held by other banks were up at $3.629bn from $3.57bn.
Shahbaz meets bankers
KARACHI: Punjab Chief Minister Mian Shahbaz Sharif has said that banks and other financial institutions should play their role to carry forward the process of national development.He stated this while addressing top officials of banks at the State Bank of Pakistan (SBP) here on Thursday. SBP Governor Syed Saleem Raza was also present on the occasion. Sharif said that opportunities exist for investment in various sectors in Punjab and improvement can be brought in the lifestyle of people and jobs can be created. In this regard, he particularly referred to sectors of livestock, agriculture, poultry and energy.
SAARC business conclave
LAHORE: The SAARC business leaders conclave will be held in Colombo on November 22 and 23. SAARC Chamber of Commerce & Industry Vice President Iftikhar Ali Malik along with a sixty-member business delegation is leaving for Sri Lanka on Friday to attend the event. This is for the first time that a large number of businessmen are participating in a single event.
Khairpur economic zone reviewed
By Imtiaz Hussain
KHAIRPUR: The Sindh Industrial and Trading Estate (SITE) Managing Director Manzoor Ahmed Kanasro met with DCO Khairpur Muhamamd Abbas Balouch at his office where both officers reviewed the establishment of the Economic Processing Zone in Khairpur. DCO Khairpur briefed him that Chief Minister Sindh was is keen to promote industrialisation in Sindh by establishing Economic Processing Zones to minimise the unemployment in the province. The DCO informed that land has been earmarked for the Economic Processing Zone. The SITE MD said that the Khairpur EPZ is in pipeline and owing to availability of the infrastructure he expressed hope that the project may start soon.
Gold retreats from record as dollar firms
LONDON: Gold prices retreated on Thursday from the record high above $1,150 an ounce they reached in the previous session, reacting to a rise in the dollar as investors took profits in higher-yielding currencies. Spot gold dipped 0.8 per cent to $1,135.30 an ounce at 1519 GMT, against $1,144.70 late in New York on Wednesday. In that session it hit a record $1,152.75 an ounce. US gold futures for December delivery on the COMEX division of the New York Mercantile Exchange fell $5.40 to $1,135.80 an ounce. But the precious metal remains firmly underpinned by positive investment sentiment after a number of central bank bullion purchases earlier in the month, traders say, including India’s acquisition of 200 tonnes of gold from the IMF.
Hinopak Motors reports loss
By our correspondent
KARACHI: Hinopak Motors has posted a loss after tax of Rs99.95 million for the quarter ended September 30, 2009 with a loss per share of Rs8.06, the company announced on Thursday. The company also recorded a loss after tax of Rs131.3 million in the same quarter last year with a loss per share of Rs10.59.
PQ activity
KARACHI: The Port Qasim handled 86,505 tons of cargo, comprising 70,973 tons of import and 15,532 tons of export cargo during last 24 hours ended 0800 hours on Thursday. Berth occupancy was recorded at 82 per cent. Eleven ships ACX Refflesia, Katharina, CMA CGM Azure, Angelia, Surreal, Falconia, Sound Proodos, Sichem Marseille, Samho Crystal, Vema Ocean and Alpha Harmony were loading/offloading container, cement, livestock, chemical, rape seeds (palm oil, furnace oil and coal) during the reported period. Three ships carrying containers and coal were expected to take berth at the Container Terminal on Thursday.
India doubles billionaires; Mukesh Ambani tops list
MUMBAI: A buoyant stock market and a still-robust economy have nearly doubled the number of billionaires in India, according to the Forbes’ Rich List. With the stock market having gained more than 75 per cent this year and the economy growing at nearly 7 per cent, the number of billionaires jumped to 52 in 2009 from 27 in the previous year, just two short of the record in 2007, according to the ranking. Mukesh Ambani, chief of Reliance Industries, India’s most valuable private firm, tops the list again with a net worth of about $32 billion, followed by steel baron Lakshmi Mittal with $30 billion. Their net worth rose by nearly half. Rounding off the top three is Mukesh’s estranged brother Anil Ambani, with an estimated net worth of $17.5 billion.
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ISSN 1563-9479 
